The Bears Board

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SlammDunk sets off major correction in Banking Stocks. Where do they go next?

Our article on March 6th HERE , called a top in Banking Stocks in what was a sector that had led the post election rally as a large number of Stocks posted one of our Trend ending signals we call SlammDunk. This code spots unusual activity and an expansion of range to alert to both Trend endings and Trend accelerations. As it now over a month since that call it makes sense to review where banks stand now as Earnings season for many of them approaches.

Whilst the market overall in that time is down just a fraction and the Nasdaq is actually up, Banking Stocks have seen weakness across the board with all lower by a considerable amount over the same period. This highlights the power of identifying when Sectors switch from being fashionable to unfashionable and gains far in excess of the market performance can be achieved.

From a fundamental prospective the common held logic that higher interest rates promote higher stock prices for Banking Stocks has definitely not held true this time.

Get our full Institutional Techncial Analysis, Outlook and Charts on $USB $PNC $BBT $STI $FITB $NTRS $HBAN $GS $JPM $MS and $WFC HERE >>>>